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DEPOSITORS RECEIVING
Newport News Nailonal Bar* Is
Uquldallng an1 Nil Go Out
ol Business
OFFICERS TAlK WITH CO?FI?EHIE
-Vlcc-Presldent A. L. Powell CRlr, f*i:\
surance That Deposltoro Will Not)
Lose a Dollar?Result of CoivJb "na?
tion of Unusual Circumstances?^Md|
From Other Danks. f'
Forced by uutiminl and unforeseen
Circumstances to resort to extreme
measures for the protection of deposl?
toro and creditors, the Newport N< "vs
National bank began liquidating
tcrdny morning at II o'clock. No de
Vnslts were received during the day,
and throughout hanking hours tho
paying teller and his assistants wen
busily engaged In honoring chocks,
using cash and ccrtlllcatcH of deposits
which wer?- accepted as cash by three
of tho other banks of the city.
The directors of the Institution pro
post- u> close out and suspend busi?
ness, and their dcclrlon will bo passed
upon formally by tho stockholders this
Afternoon. Vice-president, A. L.
Powell und other olllclals of the Pan.,
uro authority for postlvu assurance
that the depositors will not lose one
<' itt; that all of the Instltul.on'u ?.i
Qehtnosq will be liquidated, find Utah
even the stockholders may not Buffer
iQsa.
Situation Well Handled.
Cure In handling the situation pre?
vented the occuronco ol neeiies usual
ly Incident to a run upon a hanking
house. Although the day wait a hard
one for those lu the hank, It passed
off quietly and without a single disa?
greeable scene.
For several weeks vague rumors to
tho effect that the Newport News
National was "shaky" have been afloat,
and Saturday afternoon the reports
became bo insistent that It wan ap?
parent that a run was Inevitable.
Other Banks Called Upon. '
Realizing that tho institution was in
no condition to stund a run, tho of
Heers appealed to other banks for ns
BtaUnco. Ajnoptliij; of re presentn:
s^SJ-V?J^:?^.. oV'f.mr b?!?Jt?Lfl> P''d tin.
HI the Hinnll hours or Sunmty mom
' lug.
Sunday night the confrronce was
continued, and early Monday morning
tin agreemont by which the affairs of
the hank could he l.qif.tiatotl was
readied. it was ngroid that the
Newport News National should Issuo
oerllflcnfos of deposits In lieu of cash,
and that these certificates should be
accepted as cash by Schmelz. Pros.,
the First National and Citizens &
Marine batiks. A Joint note was
given by ofllclnls of ilia Newport
News National for the amount of the
Certificates, and Schmelz llroa., the
Citizens & Mnrtne anil First National
tanks, of this city; the .National
Dank of Commerce, of Not folk, anil
the Union Savings Ham;, or Washing
.ton, agreed to assume responsibility
"for the certificated thus secured and
? Issued.
Speech to Depositors.
At 0 o'clock yesterday morning the
bank, was opened, nnd soon aftorwaid
tliij depositors began to flot-k In. Mr.
O. D. Datcliolor, a largo stockholder
tV8r. Editor:
Whut if the ubo to ad?
vertise unltw people t?ko
time to road your ndw i
We have large of?
fice Calendars to
give away, small
banks free to de?
positors.
Advice on value of
Real lOstatc, what Fire
Insurance Companies to
insure in and many other
t h/ngri, free of charge.
Powell
Trust Co.
2711 Washington Avenue,.
nnd it director of the hunk, made a
brief speech to the people, assuring
them that flub' had m> cause For
alarm; that their money was perfectly
safe, ami that the only persona with a
reason to be disturbed, were the stock?
holders.
It Is said that something like 120,000
was drawn from the hank during the
day, and practically all of this was
at once deposited in other banks.
There was no general financial scare,
and the other hanks continued busi?
ness ns usual.
This afternoon's meeting of the
directors will decide dually wholhor
or not the Newport News National
Is to go out of business'. The directors
have decided to liquidate, and olpsO
out business, hut this Is to be passed
upon by the stockholders.
Vice-President Powell TalkiV
Mr. B. Qulnry Smith, of Washing'
ton, who Is president of the hank, was
out of. the cjlj^yesterday apd will .not
retmh until today, Vice president A.
\j. Powell Was approached l.v a rep?
resentative of The Dally Press, and
he discussed iho ?Unation freoly. any
lug:
"Bach depositor will got every dol?
lar be bun In tin- bank, and, unless the
unforseen OCCUftt, there will bo
enough left In prevent loss on the
part of the stockholders.
"Mr. Smith went t,i Washington on
business Sunday afternoon. Lit I lie
will return tomorrow In time to at?
tend the regular annual meeting of th
stockholders at :i o'clock.
"At this mooting the action of iho
directors In dealing with this situation
t will he passed upon, und then u
more Complete statement can be given
to the public.
Caii6e for Condition.
"The condition of the bank was
brought about by n combination of un?
fortunate circumstances. During the
pnsl few mouths, fur pome lea-ton
not known at the time, many of our
largest depositors have been withdraw*
lng their active and savings account!..
I and this, coupled with the lightness
of tho money market, which made It |
difficult to realize even upon the best
of securities, naturally drained our
immediate resources, and finally
brought on a crisis.
"Since Ibe steady withdrawal of de?
posits began, wo have learned that
ibis thing was started by Idle, or ma?
licious talk, which once set alluat,
could not be checked,"
Receivers Paying Today.
"Tomorrow nt the usual hour the
lank will open and Ibe paying of
check accounts will be resumed. This
will be continued until the last de?
positor has received Iiis money. If be
desires It. When the time limit on
savings deposits expires, or perhaps
sooner, these accounts will he settled
in full, l am afraid that some ol our
savings depositors, frlgntencd by
panic talk, will begin soiling their ac?
counts at a discount. This, I very
much hope they will not do. Certainly
llo one Is going to lose except the
stockholders of the hank, and it is
probable that even they will not lose.
"The ptlt'Mc '"S.v be surprised to
learh that today many of our custom?
ers came In and paid notes which
were not diu?, desiring to do what they
could toward keeping the hank on
its foot. Others Insisted upon placing
deposits, which, under the circum?
stances, wo deemed advisable not to
receive."
When questioned in regard to the
connection botwoon the Powell Trust
Company and the Newport News Nat?
ional Hank, Mr. Powell said: "There
Is no connection, other than that the
Powell brothers hohl stuck In the New?
port New? National, and that I am I
vlccpresldent of the bank, without
salary.
Docs not Affect Coniprfily.
"The conditions in which the New?
port News National is placed does not
Off eel Hie Powell Trust Company In
the least. At the beginning or' the
financial trouble in New Yoik. wo be?
gan to fortify ourselves and today we
are prepared to meet any emergency,
though so far we have bail scarcely
any withdrawals traceaMe lo tho
events of the past few days."
Mr. I'owell well! on to say that be
believed the banks or Newport News
were better supplied Wlih ready casn
now than they bad been ror years,
and that he was confident that the
people ran no risk In placing their
money hi any bank on the Virginia
Peninsula.
Has Done Good Work.
"I nm gratified I? believing that the
people have tlie kindliest reeling to?
ward Ibe Newport News National
Rank," said Mr. Powell. "Whether
or not the bank continues In busi?
ness permanently, I am confident that
during the few years or its oxlstuiiee
It has been of Incalcuablc benefit to
'(lie* Ijl?lness men'mid public generally
of our city."
Hir.tory of Bank.
The Newport News National bank
was established live years ago, and
soon gain d public favor. The cap?
ital stock of the Institution Is $l"o,
1)00. and Its deposits when the hist
statement was made amouiltod to over
$250,000. The statement showed a
surplus of $30.000.
It Does the Business.
Mr. E. K. Chamberlain, of Clinton,
Maine, says of [lucklon's Arnica Salve.
"It docs ih,. business: I have used It
for chapped hands and It cured them.
Applied It to an old sore and It healed
It without leaving u scar behind." 25c.
at all druggists.
1 During the long, dreary winter
months mothers become tired, worn
mtl. can't eat. sleep or work. Hollls
I tor's Rocky Mountain Tea Is the
greatest blessing for mothers. Makes
thorn buppy and well. ;i5c. Tea or Tab?
lets. J. C. GOR8UCH & cm.
Barkers and Business Men Are
Very Optimistic.
QfPOSliS LARGER THAN USUAL
Public is Assured by Substantial Ci.
tlzeng That Liquidating by thc New
port News National Bank Will Nc'(
Shake Local Financial World.
Hankers nnd prominent business
men of the city yesterday expressed
themselves as being greatly plcasoU
with the manner In which the local
public received and accepted the news
Concerning the Newport News Nat?
ional hank. The public generally did
no| seem to be In the least alarmed
over the city's financial condition, and
the hanks report an unusually large
day's business.
Mr. Schmelz's Statement.
" Mr. Genrgo A. Schmelz, president
of Schmelz Bros., hank, said to n
Dally Press representative: "As far as
the financial condition of Newport
News Is concerned, I regard II as hot.,
tor today than P has been. The ban its
thai are doing business are. in my
judgment. In especially go'.'d condition.
Dor deposits today were largor
linn ever hi fora, In addition 1 ) the
business transferred to us from the
Newport News National. There is no
reason why the liquidating ?'f this
latter bank should cause any fear en
I the part of the people.* Most of tue
certificates of deposit brought to us
today from the Newport News Nat?
ional were deposited with us, the ni'nt
Iber of people asking for cash being
very much In the minority. The
amount of currency brought in win
much larger r|,an usual."
Mr. W. D. ?C8t, cashier of the rill
zeus &. Marita Rank, expressed him?
self as bein? well satisfied with finan?
cial conditions, ami said that he did
not brrflOVe the Newport News Nat?
ional trouble! would have a i uneral
bad effect ir4i the ell v.
Mr. ,1. A. \Vfllctt, cnshlor of the Frst
National Hank, could not he reached
last night. IiH It Is a well known
fact that the. First National is In a
flourishing condition and always shows
a steady Increase In business.
Other bankers nnd numerous well
known and Bcbstantlal business men
expressed ttr.ftisetvcs freely upon the
subject, and (ueryone seem?, confident
that the bus) _'ss conditions in New?
port News aiV'all that they should be.
ABANDON ALL HOPE FOR
SHIP ARTHUR SEWALL
Bifj Sailing Craft and Crew of 27
Men Believed to Have
Been Lost.
All hope for the f"ll rigged clipper
ship Arthur Sewall and her skipper
A Cure for MiGery.
"I have found a cure for the misery
malaria poison produces," says R. M
.lames, of Lo?cllch, S. C "It's called
? Kloctrle Bitters, and conies In Hi* cent
bottles, It breaks up n case of chills
or a bilious attack in almost in time:
and It puts yellow jaundice clean out
of commission." This great tonic
medicine and blood purifier gives
quick relief In nil st'mach, liver and
kidney complaints and tue misery of
lame bnek. Sold under guarantee at
all druggists.
Eat for contentment. ,
Eat for good nature.
Both are the result of physical
health.
The most nutritious food made
from flour is
Uneeda Biscuit
Every bite a mouthful of energy.
gBBffa In dust and
moisture proof packages.
NATIONAL BISCUIT COMPANY
nnd crew or 27 m)on lias boon aban-1
dotted by nil concerned. The ship
lefi Philadelphia on April 1, 1907. for
Seattle wUb n cat go of bituminous
coal f:ir Hie United States navy. AI- |
though nioro tlinu nine months have .
I'liSRCd not a word lias been hoard
rroni either vessel or crew since tlu'
pilot left the craft at the Delaware
I St eal, wafer.
Borne months ago a report came
from Randy Point. Strait of Mngol
\ rn unknown four masted
chip had foundered near that placo
aim it was thought that the vessel
was tl\t Scwall. Later, liowever,
the craft was recognised as another
craft. Capfaln Gaffney, who com?
manded Hi' SeWallj was a master
mariner of the old school and wna
widely known in shipping circles on
tile Atlantic coasts. He had made
many trips to all parts of the globe.
The marine underwriters have made
evoty effort to get some word from
the vessel, but without success. The
general /bleu is that she caught Uro
from spontaneous combustion in her
cargo and was destroyed at sen.
REV. T. RYLAND SANFORD
hSSOCIATION PRESIDENT
Hampton Minister Chosen Head of
Baptist Ministers' Association
for Coming Year.
At the meeting of the Peninsula
Baptist Ministers' Association yester?
day morning officers for llto year were
elected and reports of the work on
Hal anything you want, don't starve
yourself, fearing it won't agree, for
Hollister's Rocky Mountain Tea clean -,
the bowels and stomach, and makes
digestion easy, 35c, Tea or Tablets.
,i. C. oonscCH & co.
apital Dry Goods House
Washington Avenue at Thirtieth Streit,
White Sale Bargains an
Blankets.
10-4 Biz-) line White Wcol Mixed, worlli $3.50, at
$'2.98 pair.
10-4 Hize All-Wool Whiti Blankets, very line aud
heavy weight, regular 65.00 Blankets, at $4.50 pair.
Good Quality Bed Comforts at
the peninsula were heard. Tho of- J tist elmrch, Newport News.
Crescent Bleached Sheets, size
72x90, 50c
fleers chorhn follow:
President?Rev. T. Ryland Sanfp'rd,
pastor Memorial Baptist church,
Hampton.
Vice president?Rev. J. W. Por
ior, 1). 1)., pastor Newport News llap
Sccrctary?Rev. W. c. Sale, New?
port News.
Recording secretary?Rev. K. Pen
dleton Jones. 1). 1)., pastor Hampton
Baptist Church. Hampton.
The association decided to hold Its
meetings for the coming three months
In Hampton.
-ORGANIZED 1891
The Following Well Known Business SVSen, Sis Directors, Give Their Personal Attention to Ml the Affairs of the Banks
J. M. CtirSis, Treasurvr of the City of Newport News; A. G. Garrelt, AttornfyatLaw; E. T. Ivy, Capitalist; D. S. Jones, Vice-President; A. B. MallcS!, of Old Dominiou Steamnhip Company; E. W.
MUstead, Sergeant of the City of .Newport News; E. Parker, 8uperi tendeiit Terminals 0. & Q. Rlilway System; Ellas Peyser, Merchant; Edwin Phillips, of Benson, Phillips & Co ; L. P.
Stearnes, Coal Contractor 0. & ?. Railway Company; W. B. Vest, Cashier; George B. West, President.
_?